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The rising occurrences of criminal activities in the BFSI, PCI, government, and healthcare, sectors are leading to a higher demand for cyber security solutions. There is a heightened need for highly reliable personal authentication and identification systems to reduce security risks. Two-factor biometric solutions are used to ensure physical and information security. Here, the user needs to provide the second piece of information - a code, a temporary password, or a finger swipe - to access credentials. If the user is unable to provide the correct information, the account remains locked.

The analysts forecast the global two-factor biometrics market to grow at a CAGR of 22.87% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the global two-factor biometrics market for 2016-2020.

To calculate the market size, the report considers revenue generated from the sales of two-factor biometric products and services:

The report, Global Two-Factor Biometrics Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key questions answered in this report- What will the market size be in 2020 and what will the growth rate be?- What are the key market trends?- What is driving this market?- What are the challenges to market growth?- Who are the key vendors in this market space?- What are the market opportunities and threats faced by the key vendors?- What are the strengths and weaknesses of the key vendors?

You can request one free hour of our analyst’s time when you purchase this market report. Details are provided within the report.

Commenting on the report, an analyst from the research team said: “One trend which is helping boost market growth is the rising adoption of two-factor biometrics by SMBs. Most SMBs are conscious about investments and cannot afford high-end token authentication devices. So, a decline in the prices of biometric tokens has led to their increased adoption among cost-conscious SMBs. Increasing number of online transactions and cyber attacks have resulted in the wider adoption of hardware devices. To enhance the security of critical data, it has become important for organizations to adopt biometric tokens.”

According to the report, a key growth driver is the rising number of online transactions. Consumers are becoming increasingly dependent on the internet for financial transactions as it is convenient. Internet-based financial transactions are vulnerable to cyber attacks and security threats. The volume of cyber attacks is increasing in line with the rising number of online transactions, especially in sectors such as BFSI, PCI, healthcare, and retail. To make online transactions more secure, organizations are using hardware OTP token authentication methods.

Further, the report states that one challenge that could hamper market growth is the vulnerability of hardware devices to physical damage.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.